EUR/USD Drops Further to Test 1.1270

EUR/USD Drops Further to Test 1.1270

13 April 2016, 16:45
Roberto Jacobs

EUR/USD Drops Further to Test 1.1270

The selling pressure is now gathering further steam around the euro, dragging EUR/USD to test lows in the 1.1270 region.

EUR/USD lower on USD buying

The renewed bid tone surrounding the greenback has removed upside pressure in the pair, forcing it to give away recent strong gains and abandon the area of 2016 highs around 1.1470.

The daily decline remains unabated so far, despite US Retail Sales and Producer Prices have missed forecasts during last month, all amidst a solid performance of the risk-associated space.

EUR/USD levels to watch

The pair is now losing 0.89% at 1.1282 and a break below 1.1219 (38.2% Fibo of 1.0820-1.1465) would expose 1.1158 (55-day sma) and then 1.1142 (low Mar.24). On the other hand, the next hurdle lines up at 1.1465 (2016 high Apr.12) followed by 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).

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